- ReNu Energy has completed the sale of its solar operations to CleanPeak Energy
- In August the company announced it will sell its solar operations for $5.7 million to CleanPeak
- ReNu has been seeking options to reduce operating costs and capitalise the business
ReNu Energy has completed the sale of its solar operations to CleanPeak Energy.
In August the company announced its plan to sell its solar operations to CleanPeak for $5.7 million.
The transaction involved the sale of the ReNu Energy subsidiaries holding the Embedded Networked Operations, Amaroo Solar PV Facility and the energy retail authorisation.
As part of the acquisition terms, ReNu and CleanPeak will work together until the end of the year to ensure an easy and smooth takeover.
ReNu Energy is an independent power producer which delivers clean energy products and services. It has the ability to introduce gas supplies to further reduce reliance on fossil fuels.
The company has received the $5.7 million from CleanPeak and has paid off its debt to the Amaroo loan facility.
“ReNu Energy will increase cash holdings by $4.25 million and have no secured loans,” the company said.
CleanPeak is an Australian energy business that is focused on assisting organisations to install renewable energy to save on electricity and reduce carbon emissions footprint.
ReNu has been seeking alternative means to reduce operating costs and capitalise the business.
“The sale of the solar PV operations has provided ReNu Energy with the immediately necessary capital to continue operations, whilst also allowing it to address its geothermal exploration program remediation obligations in the Cooper
Basin and repay current debt,” the company stated.
Following the acquisition, ReNu is continuing its strategic review.
ReNu has dropped 10.34 per cent today on the ASX and is currently selling shares for 2.6 apiece at 1:19 AEST.